If a producer were to sell his products at the production price, his costs and income would break even, meaning that he would not lose money on the sales. Cost definition: 1 the amount of money needed to buy, do, or make something: 2 the amount of money needed for a business or to do a particular job: 3. Cost to build definition - the cost to build is an alternative method used to estimate the value of an asset, whereby the costs incurred to construct.
Cost accounting refers to the process of recording, classifying, summarizing, allocating and analyzing the different alternative measures to control costs. Cost of capital refers to the opportunity cost of making a specific investment it is the rate of return that could have been earned by putting the same money into a. Cost definition: the cost of something is the amount of money that is needed in order to buy , do, or make | meaning, pronunciation, translations and examples. A business must spend money or it cannot operate a business separates the costs it incurs into two main categories: fixed costs and variable costs a business .
Definition: the business cost includes all the costs (fixed, variable, direct, indirect) incurred in carrying out the operations of the business it is similar to the real. T he purpose of this note is to briefly consider the definition of cost that is appropriate in linear programming the discussion indicates that opportunity cost is not. The cost of production from the point of view of an individual firm is split up into the austrian school of economists have criticized the meaning given to real. Define costs costs synonyms, costs pronunciation, costs translation, english dictionary definition of costs n 1 an amount paid or required in payment for a.
The legal definition of costs in the cause is the general rule in the law of costs that the ultimate victor at trial may get his or her costs against the loser and. In production, research, retail, and accounting, a cost is the value of money that has been used working clothes, social insurance, taxes on employment &c path cost is a term in networking to define the worthiness of a path, see routing. Cost definition is - the amount or equivalent paid or charged for something : price how to use cost in a sentence.
Definition: it can be explained as a procedure for estimating all costs involved and possible profits to be derived from a business opportunity or proposal. To purchase these things, the producer must be ready to pay the price in order to understand the meaning of cost let us take the example of a farmer who. How can i use cost and costs i got this examples but i can't get the difference how much do the carrots cost the carrots cost three dollars. Looking at marginal and average total cost in the context of a juice business this is the definition of a minimum point comment (23 votes) upvote downvote.
2 10b11pd311 economics cost of production: costs incurred on factor inputs explicit costs: actual money spent in purchasing or hiring services of. That being said, it is not easy to establish a clean definition inventory cost, total inventory cost (tic), total cost of inventory ownership,: the nomenclature.
Opportunity cost is an economics term that refers to the value of what you have to give up in order to choose something else. Top definition costunknown a person who's error or costly action makes friends look bad or draws unwanted attention usually due to something breaking,. Definition of cost: an amount that has to be paid or given up in order to get something in business, cost is usually a monetary valuation of (1) effort, (2) material,.
Environmental costs are costs connected with the actual or potential deterioration of natural assets due to economic activities. A cost center is a department within an organization that does not directly add to profit, but which still costs an organization money to operate.